While having a great attitude toward your business, staying positive and working hard are key ingredients of a successful business outcome, there are some things that business owners tend to take for granted, with little to back up their assumptions.
Your customers will buy from you because you think you have a great product or service.
Yes, what you are providing may be useful, and for a period of time it will sell well. Then something else will come along as it usually does, and unless you keep up with innovation within your niche, your business can be left behind. There are dry spells for most products and services and having a plan in place for those times will help you to make it through without breaking the bank.
A good example of this is SaaS – Software as a Service. Though very popular not even three years ago, it won’t be long before it lags behind platform and infrastructure as a service.
Your costs will always be within your budget.
Budgeting for your business needs in advance can be difficult as it is impossible to forecast the future of the economy and whether or not prices will rise. If they do, these costs will need to be added to the price of your products and at that point, you may need to make adjustments on what you are offering.
The best way to keep future costs in check is to have a roadmap of where you want to take your business. Update your expenses each month to keep it on track.
You will be able to handle the business on your own, without outside help.
This is one of the most common business assumptions and also the one that leads to the most trouble. If you are thinking you can be everything to and for your business, you are headed for exhaustion and quite often the folding of your business.
Assessing the direction your business will take as it grows can’t be done immediately and thinking you will be able to handle all aspects of a busy, thriving business and also have any kind of a life outside of it, is wishful thinking. A good business plan always includes future expenditures that will include the hiring of outside help, usually a virtual assistant or team.
Though all new business are based somewhat on assumptions, usually called strategic assumptions, using a little common sense along with them will ensure that there are no surprises in store for you further down the line. Your responsibility as the owner of your business is to put into place checks and balances that will keep your business running smoothly.
© Chris Draper, DemGen Inc. 2014
image courtesy of unchainedentrepreneur
